AutoPayPlus offers car buyers and other consumers flexible payment options matched to their paychecks, which leads to better budgeting, prevents late fees, and can accelerate the loan payoff, the company said. Since 2003, the company has enrolled more than 250,000 members and processed more than $5.65 billion in loan payments, primarily through the automotive industry and the company’s long-term relationships with independent agents and dealerships nationwide.
Working with its dealership partners, AutoPayPlus will provide car buyers enrolled in its automated loan payment service with a prepaid promotional debit card that can be used exclusively at the selling dealership’s service department. The new card also offers AutoPayPlus dealership partners the added advantage of a new dealer loyalty program. This loyalty program helps dealerships to increase profits from customer-pay service, to boost customer retention at no additional cost to the customer or dealer, and to transform car purchases into lifelong relationships with car buyers.
“AutoPayPlus is another example of how Alviere’s embedded financial services platform can help brands transform relationships with consumers from one dimensional single events into continuous, long-term, deep, value-driven connections,” said Yuval Brisker, co-founder and CEO of Alviere. “Alviere expects to work with clients across the automotive landscape to offer a fast time-to-market, easy path to delivering new financial services to existing as well as new customers without any of the heavy lifting of being a financial services provider.”
Currently, only about 13 per cent of car buyers maintain their vehicles at the dealership where they bought their car, according to data from The National Automotive Dealers Association. But 76 per cent of car buyers become repeat buyers if they extend the relationship to service their car at the dealership where they bought it.
“At AutoPayPlus, we’re always looking for new ways to build customer loyalty and retention. Alviere enables AutoPayPlus to transition from being a valuable resource in helping dealers close a one-off purchase into a trusted partner that can now offer the opportunity for dealers to create long-term relationships that are critical to driving repeat business,” said Robert M. Steenbergh, founder and CEO of AutoPayPlus. “And now every dealer partner can send buyers home with a card in their pocket that lets dealers send offers that will bring car buyers back to the dealership for deals and offers long after the buyer drives off the lot.”
AutoPayPlus and Alviere plan to launch additional embedded finance solutions later this year, deepening the payments leader’s deployment of the financial services products available on the Alviere platform.